The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-09-14

WHO dealt In railway ana steam boat and
government securities to have to drum up
trade like tailor. 1t was all right II o
member of firm or an old and trusted
eDploye should suggest to possible Gus
toner the advantage of dealing with their
special house, but system OF "drummers"
never! / know of several firms whose
members have been suspended from this
exchange for periods of six months and q
year for paying commissions to men bring.
ing them business from other cities. No
one would ever give any reason for this ab-
surd law, except that drummers were un-
dignified. 1t was not the brokers who
should go to that huge mountain, the pub
lie, upon which all fatten; the public
should bow before the broker. The latter
was evidently broken down under the
strain of watching and waiting.
Now, what's the use of any committee
trying to pull false wool over the eyes of
the speculating lamb when an Infusion OF
a little honesty (Wall street couIdn't stand
very much) is all that is needed to attract
the same crowds that formerly swarmed
into the gorgeous salons and parlors vul-
carly termed offices2 The most who are
running the market now have no
stomachs, let alone souls. They fleece
evidence of an instance Of this class.
Although certain broker was getting
thousands of dollars out of a young and
confiding customer in commissions every
month, he could not resist the tempta-
ton of going over his books every night
and saddllng said duffer with all the stock
that he, the broker, had bought for his
with the Gales at high prices made
for his customer In the end the duffer
was "broke,n and when he accused his
broker, or more properly, breaker, of fraud,
the latter quietly refunded $4,000, and
then he had the nerve TO assure the public
that he never took dollar belonging to
anybody. This man did more to kill Wall
street than any OF his contemporaries, and
there are plenty more like him in the
Street to-day, They haven't been discov-
cred, that's all. If the Stock Exchange
wants business to come in through its
many open doors it will have to drive
fraud out of its tightly closed windows.
| Open the windows and let the bad air out
| Throw little of the light of truth and
honesty on your transactions, and the in
vesting, not the specializing, public will
hunt you up
While speaking of respectable" bro
kers, want to detail a scene witnessed in
one of the most highly respected houses
in the Street few days sgo. While talk
| ing with the head of the house, an order
came from e customer to buy 10 900 shares
OF - below 60. The price on the tape
then was 50. The "highly respected bro
ker" sent the or Ter to his board member,
| With an additional memorandum reading.
| buy Us 900 first" Before the message
reached the board room the stock slumped
| to 565, and in few minutes we saw on
the tape the sale OF two lots OF $50 each at
| 581s. | made mental wager then that
| that 1,000 shares were for the house, and as
the quotations came thick and fast, 1000,
SO; 500, 59S; 1000, 5914; 500, 59H; coo,
592s; and SO on until the stesdy purchase
OF 10000 had cent the price up TO go. 1
| knew that the custo per's order had been
used to guarantee the profit on the firms
| little speculation. And this wa one of
| those houses where mem b rs brsg that
they never speculate on their own account
| "Our business is all commission sir" says
| the respectable manager. I'VE never have
any interest in the market" That thiug
is do ne in nearly every commission office
/ III Wall street
| a curious feature OF New York life is the
| simultaneous return ar q flight of its
| richer residents. At this date the cool
weather is driving home those New York
ers who have spent the summer at the
| watering places; while, at the same time,
a large number are flying southwark, to
| Florida and to Nassau, and Havana. There
has been good deal said aud printed
about the malaria prevalent in Florida,
and was curious to know how it affects
| travel 10 that once popular winter resort.
found that great many who had tried
Florida were going this winter to Nassau
/ and Cuba, while those who had been to
the latter places would listen to praises of
no other. suppose it is true that the
swamps and marshes of Florida are a
serious drawback to that otherwise favored
cline; but those do not exist In the islands
| OF thesWest Indies. There is only one
steamship line from this port to Nassau
that is fit to sail in-the New York and
| Cuba maitland they tell me at the COM
i paDy's Office that the evidences of greatly
increased travel to Nassau are so pro-
nouDced that their facilities have been in
creased in equal proportions to accommo-
date it. am glad to hear of this from
patriotic motives, for 1t is one OF the few
American steamship lines successfully
Iun.
a paragraph in Irecent letter OF mine
about the circulation of New York
newspapers has been reprinted by itself in
several papers, and in its isolated form it
makes me appear to doubt that the New
York World has the circulation it clai ms.
| 4 OOh AhC W NC bAtOuSut ass SuOugl 10
believe that any paper which has unq 1es-
tioDably the largest circulation inlA merica,
would falsify 1t. 1t would be not only
dishonest, but highly impoliic. / have
personally no sort of doubt that the World
has $50, 600 circulation; and do not know
any good reason why as virile a paper edi-
torislly, as interesting newsG ournal aud as
| independent paper politically shouldn't
go on increasing its circulation indeinit-
| ely In proportion to the increase of popu-
letion and The decrease of energy and force
of its contemporaries. A papers circula-
ton is built up from these two sources: but
1t is only the live paper which gains from
both sources. personally know that the
Herald twenty-four years ago printed
as many as 10000 papers day, and the
| population of this i'm mediate district has
| practically doubled since that time. There
is no reason why q good newspaper like
| the World of to-day sbouldn't have twice
the circulation of the Herald when il was
a good newspaper quarter of q century
! ago. So, when any pxper quotes me as
saying that III is said" and that II have
heard" that the World has not the circula-
ton that it claims, wish they would al
30 publish that | don't believe anything of
| the sort, and that had stated in another
| paragraph that the World was the only
paper in the city with more than 200 600
circulation, and was one of the two which
4 = - "a